IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
SourcingDec 09, 2020
Dominion Finds Buyer for Ekati, Mine to Reopen Early 2021
The company has reached a deal to sell the diamond mine to two wealth management firms and says it plans to restart the mine no later than Jan. 29.
The Ekati Diamond Mine, seen here in an aerial shot provided by Dominion Diamond, should soon have a new owner and restart operations. Ekati was Canada’s first diamond mine and has been in operation since 1998.
London—Eight months after seeking insolvency protection, Dominion Diamond Mines ULC said it has reached a deal to sell its Ekati mine to two wealth management firms.
In a news release issued Monday, Dominion announced the sale of the diamond mine to DDJ Capital Management and Brigade Capital Management LP, both investment managers to holders of the company’s second lien notes.
Funds managed by DDJ Capital Management owned Samuels Jewelers for a period in the late ‘90s to the early 2000s, while Brigade was one of the firms that floated Barneys $218 million in debtor-in-possession financing while the now-defunct department store searched for a buyer.
The two companies will acquire substantially all of Dominion’s assets in exchange for taking on $70 million in debt.
The sale does not include Dominion’s 40 percent stake in Rio Tinto’s Diavik Diamond Mine; Dominion and Rio Tinto are involved in a separate legal battle regarding their partnership in Diavik.
Once the deal is closed, Dominion said it expects the ongoing business to pay or otherwise satisfy: Dominion’s employees, including their pension obligations; governmental authorities, including the obligations to restore the land once Ekati closes for good; and Dominion’s Impact Benefit Agreement partners and other Indigenous groups and Northern communities.
The sale of the Ekati Diamond Mine is subject to closing conditions, including court approval.
The deadline for the deal to close is Feb. 1, and Dominion said it will “take all action reasonably necessary or appropriate” to restart operations at the mine no later than Jan. 29.
While most Ekati employees have been out of work since March, there has been a skeleton crew working while the mine has been on care and maintenance, and Dominion recalled 60 workers last month in anticipation of reopening.
When fully operational, Ekati employs more than 1,000 people, including 396 members of Canada’s Union of Northern Workers (UNW) Local 3050.
On Tuesday, UNW President Todd Parsons said the union was “pleased and relieved” Dominion found a buyer for the mine and that the deal includes protection for the mine’s workers and their pensions.
“As the union representing almost 400 Ekati workers, our main objective throughout this difficult time was seeing the mine succeed and reopen, both for long-term stable employment for our members and economic growth for the territory,” he said.
“This is welcome news, especially as we go into the holiday season, and we look forward
to the remainder of our laid-off members returning to work in the new year.”
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
More on Sourcing
The Latest
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready BroochDesigner Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ ListExpanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New StoreLocated in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV SeriesThe episode about the family-owned jeweler will premiere May 17.
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in AustinThe Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to AuctionThe turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise RingSet with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectThough currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship StoreLocated in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for MayMay babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 ScholarshipsThe deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.
